Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed in a Twitter thread that the first meeting of 3AC creditors was held on Jan. 11. Davies invited all creditors to join the group and announced that it would meet regularly.
According to Davies, creditors continue to express frustration with the ongoing costs and handling of assets in the bankruptcy process, suggesting that, “inter creditor disputes are delaying the process, and the estate value is not being maximized.”
The group discussed several topics, including ways to reduce “ongoing legal costs, pursue claims on a contingency basis against Luna consortium/FTX/Genesis, and organize better ways to deal with asset sales/distributions.”
This is a developing story, and further information will be added as it becomes available.
Source: Read Full Article
-
Tax law researchers propose IRS framework for deducting crypto losses
-
Litecoin (LTC) Price Analysis: Bulls Aim Key Upside Break
-
CleanSpark scoops up 1K+ mining rigs at 'substantially discounted price'
-
Algorand Foundation Announces Build-A-Bull Hackathon in Collaboration With AWS
-
Crypto industry braces for impact with Silvergate exit